BEIJING, Aug 6 (Reuters) - Commodities consultancy CRU on
Friday said it has stopped updating China steel price
information on social media platform WeChat for compliance
reasons after new rules were introduced for price indexes.
China, the world's biggest consumer of steel and most other
major commodities, issued the draft rules in June following a
sharp rise in commodity prices, as it sought to regulate index
providers and improve transparency. The rules took effect on Aug
"CRU stopped updating price information for steel products
at an early stage out of compliance considerations," the
consultancy said in a brief statement in Chinese on its official
WeChat account, adding that it had received a lot of market
enquiries about the issue.
Greg Smart, head of steel prices at CRU, clarified to
Reuters that the suspension only applied to prices published on
WeChat, and the company continues to publish steel prices on its
China's fast-growing commodity markets are served by many,
mostly private index providers that sell price data on major raw
materials, including grains, metals and oil products, to traders
London-based CRU launched its Chinese steel price index in
2016 when it set up new office in Shanghai, according to the
statement. It also has an office in Beijing.
The consultancy said anyone who needs steel price
information could leave their details and would be contacted.
(Reporting by Min Zhang and Tom Daly; Editing by Christian